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IFRS 17 implementation
In Insurance
IFRS 17 heralds the most significant transformation in insurance accounting practices in decades. The landmark regulation mandates extensive changes in measuring insurance contracts, but also introduces formidable challenges in financial reporting, governance and processes. EY teams can help you navigate this journey at every stage – from IFRS 17 compliance to future-proof finance function.
What EY can do for you
IFRS 17 as a gateway to innovation
At EY, we see IFRS 17 not just as a regulatory hurdle but as an opportunity for transformative growth and a catalyst for broader innovation. It supports a thorough reassessment and enhancement of your finance operating model – from advancing technology to help optimizing the closing process to strengthening data capabilities across finance functions with strict links to investment, risk and actuarial operations.
How you have chosen or plan to choose your approach to compliance can profoundly influence your core accounting data, systems and processes, significantly impacting business agility and strategic direction.
How EY can help
EY teams combine extensive experience, in-depth industry knowledge and technical proficiency. We collaborate with you to help achieve IFRS 17 compliance effectively and with a strategic vision.
Using IFRS 17 as a starting point for broader financial and risk transformation that aligns with your overall business objectives, we move beyond implementation and mere accounting compliance to automate reporting, improve analysis of results, and deepen understanding of the impacts of IFRS 17 and IFRS 9 on business performance.
By optimizing and integrating finance, risk and actuarial functions, we create lasting value and timely, forward-looking insights for your entire business.
Why EY?
EY offers unparalleled knowledge and experience in regulatory compliance and finance transformation:
- In-depth insight: EY teams have a broad understanding of IFRS implications for insurers.
- Technology-driven models: We advise in developing targeted operating models that help effectively integrate finance and actuarial functions.
- Vendor network: Our detailed knowledge of the solution and vendor landscape is backed by a proven approach to the evaluation and selection of tools and technology.
- Strategic collaborations: Our collaborations with leading technology players put us at the forefront of innovation and better services.
- Proven track record: We have a strong history of building successful IFRS 17 solutions and help integrating finance and actuarial operations.
- Diverse expertise: EY team’s mix of skills and experience is key to help achieving compliance and driving transformation.
Efficient solution accelerators: Our accelerators are designed to quickly maximize value, minimize
By choosing EY, you partner with a leader in regulatory compliance and finance transformation equipped to guide you through every step of your journey.
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